Trinidad Petroleum said it has offered to exchange new 9.75% 2026 notes for its 9.75% 2019s and its 6% 2022s.
The state-owned oil company has $850m in outstanding 2019 notes and $219m in 2022s. It will exchange up to $425m of the 2019s but only swap the 2026s for 2022s after it exchanges at least $200m of the 2019s, Trinidad Petroleum said in a statement.
Bondholders that tender their notes by the early deadline on April 26 will receive the same amount in new notes. After that, Trinidad Petroleu